Smart Digital Payments Bring Consumer-Like Experience to Auto Repairs and Insurance Claims Payouts

Michael Boeke, VP of Payment Product Management Enterprise at CCC Intelligent Solutions, told PYMNTS that the trillion-dollar property and casualty economy needs to continue its digital overhaul.

Source: PYMNTS

An accident, he said, represents “an event that is often a major disruption to someone’s life.” The claims processes, he said, are anything but simple, streamlined or easy to navigate.

Within the automative and issuance industries, there remains a complex web of interactions, with several players in the mix, spanning consumers, insurers, repair shops and others.

And as complexity reigns as these parties communicate with one another, as invoices and of course payments flow between stakeholders, said Boeke, there are any number of pain points that can be improved.

“Businesses traditionally have not had the tools they’ve needed to make quick decisions,” said Boeke, “to communicate with their customers and get things resolved quickly.” As a result, it takes time, and sometimes a long time, to figure out what a repair will cost, for the insurer to review the accident and claim and ascertain whether it will be covered, calculate the payment … all the while keeping the consumer updated day by day.

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